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The following graph represents Ronnie's demand for labor to help him make cookies in his cookie shop. Assume this is a perfectly competitive market. Ronnie's
The following graph represents Ronnie's demand for labor to help him make cookies in his cookie shop. Assume this is a perfectly competitive market. Ronnie's Demand for Labor Wage Rate (dollars per day) $50 Tools 350 / MRC $40 $30 $20 $10 MRP = D o 0 Quantity (workers) Suppose the current wage rate is $40 per day. a. Using the graph, draw Ronnie's marginal resource cost (MRC) curve for the first 5 workers. Instructions: Use the tool provided \"MRC\" to plot the line point by point, starting from 0 worker up to 5 workers (6 points total). b. If the wage is $40 per day, how many workers will Ronnie want to hire? 0 4 workers 0 2 workers 0 1 worker O 3 workers
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